Download Basic Marketing Terms

Objective 1.01
Strategic Marketing
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Competency 1.00 - Objective
1.01: Remember the key
marketing terms and the
marketing mix.
Basic Marketing Terms
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There are nine basic marketing terms that
should be introduced before moving on to
further understanding of marketing concepts.
These terms are:
-Marketing
-Consumer
-Needs
-Customer
-Wants
-Goods
-Market
-Services
-Target market
Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
Basic Marketing Terms, cont..
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Marketing:
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The process of developing, promoting, pricing,
selling, and distributing products to satisfy
customer’s wants and needs.
Marketing involves all the activities necessary to
get a product from the manufacturer to the
consumer.
The goal of marketing is to attract new
customers and create a lasting relationship
through customer satisfaction.
Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
Basic Marketing Terms, cont..
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Needs: A necessity for living.
Wants: Products that are not necessities,
but are simply desired by the consumer.
Market: The group of potential buyers.
Target Market: The group of consumers a
business desires to have as customers.
Consumer: The person who uses the
product.
Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
Basic Marketing Terms, cont..
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Customer: The person who purchases the
product. In many cases, the customer is
also the consumer.
Goods: Tangible items that satisfy
customer’s needs and wants.
Services: Intangible items that satisfy
customer’s needs and wants.
Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
The Marketing Mix
 The
marketing mix is a combination of decisions a
business makes in order to best reach its target market.
The marketing mix is also referred to as the “four Ps”:
– Product - Include both goods and services.
– Price – The amount a business charges for a product.
– Place – Having the product available at the right time
at the location. Also known as distribution or logistics.
– Promotion – Informing and reminding customers of
products available to them and persuading them to
purchase. Promotion consists of advertising, public
relations, sales promotion, and personal selling.
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Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.